Sen. Paul Sanford, R-Huntsville, is preparing two bills for the 2013 Legislative session to ensure money is repaid to the Education Trust Fund. (The Huntsville Times file photo)

HUNTSVILLE, Alabama -- After voters approved transferring $437 million from the Alabama Trust Fund to aid the sagging state General Fund budget, state Sen. Paul Sanford wants to reassure voters it will be paid back.

Sanford, R-Huntsville, announced plans on Friday to introduce two bills in the next Legislative session in February that would outline a repayment plan.

Voters on Tuesday approved a statewide referendum to supplement the General Fund to avoid critical services being cut.

One Sanford plan called for using settlement money from the BP oil spill that is still being negotiated while a long-term plan calls for a 10-year repayment with 5 percent interest.

"There's a definite long-term bill that would give the people of the state the comfort that no matter what, they will know we're going to pay back the money," Sanford told The Times on Friday.

Sanford said he expected other legislators would be introducing their own bills when the state's governing body goes back into session in February.

However, Sanford said his dual plan provides flexibility depending on the state's financial situation -- particularly with the pending payment from BP for the 2010 oil spill. The timing of that payment and when it might be made is "still pretty uncertain."

If the BP payment come sooner rather than later, it could quickly be earmarked to repay the Alabama Trust Fund, according to Sanford's plan.

"I really don't want (the repayment) out there for 10 years," Sanford said. "More importantly, we have traditionally taken one-time money that we've gotten for generations and used it up almost immediately.

"If we do see a windfall from the BP settlement, I think this is something we need to take a good hard look at and put that money back into the trust and not have to get into it."

Sanford said he would first use the BP money to repay two state rainy day accounts that loaned the General Fund $599 million based on a 2008 referendum.

The long-term plan would begin repayment in the 2016 fiscal year with the 5 percent interest rate.

"The trust is set up for generations to come and you're kind of whittling away at what the next generation was going to be able to have and takes away from the principle growth of the fund," Sanford said. "Putting 5 percent back into it is a reasonable payback amount."